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Sugrue specialised in covering the insurance and reinsurance sectors
Executive is moving to more senior role
Crédit Agricole reorganises loans business amid busy hires and promotions in industry
‘New kid on the block’ disrupts established order with lead role on Schroders takeover
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The third quarter results season for investment banks got off to a worrying start this week when JP Morgan’s investment bank escaped reporting a collapse in profits only because of a $1.9bn accounting gain related to the widening of the bank’s own spreads. Given the relative strength of the firm, the tough result bodes very ill for the rest of the industry.
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Chief executives of the UK’s largest banks this week accepted that the separation of banks’ retail operations from their investment banking entities was a "done deal", although some warned that the move would pass extra costs on to consumers.
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The awful outlook for European investment banks was hammered home this week as Deutsche Bank dropped its long-held profit €10bn profit target for 2011 and announced a new round of job cuts in its corporate banking and securities division.
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UniCredit has bid farewell to several senior figures in its corporate and investment bank but is holding off appointing permanent replacements until it reaches a conclusion in the strategic review that is being conducted across the whole group.
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BBVA is building a global liability management capability, with the intention to service clients in all the regions where it is active, especially Europe, the US and Latin America.
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The US Volcker Rule could create a "massive" compliance burden and additional costs for European banks, according to a regulation lawyer who has seen a draft of the proposals.